At 3PM ET (12PM Pacific), Motorola is hosting yet another mega Moto X sale. As you are all well aware, the price of the Moto X has already been permanently dropped to $399 on an on-going basis, so if we’re talking new sale, that means an even bigger drop from that price point. For one hour only (3PM-4PM ET), the Moto X will be available starting at $299 for the 16GB model. The 32GB and Developer Edition variants will drop to $349.

The deal runs very similar to the Cyber Monday deals from last year in that you aren’t purchasing the phone today at 3PM ET, you are signing up to receive a unique promo code that will let you buy the phone at the discounted price within a few hours. Once you have received your code via email, it is usually good for a couple of days, that way Motorola eliminates the rush on their MotoMaker store and also gives you time to decide on your perfect phone setup.

On a related note, while the Developer Editions are going to drop to $349, you can actually buy them now for $379. Both the GSM and Verizon variants are showing as having received a price drop recently, so if you don’t feel like waiting for a promo code that will really only save you another $20, feel free to jump on it now.

Update: Motorola has now removed the $379 price for the Developer Editions, bringing them back up to $449.